· It appears that PHH Corp. has a subservicing problem on its hands, as for the second time in four months, the company is about to lose a large portion of its mortgage subservicing portfolio. PHH disclosed Thursday that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH Mortgage Corporation, a wholly-owned subsidiary of PHH.
PHH disclosed Thursday that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH Mortgage Corporation, a wholly-owned subsidiary of PHH, on behalf of HSBC.
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Under the terms of the agreements, PHH Mortgage will provide HSBC with mortgage origination processing services, as well as sub-servicing of HSBC’s $15.5 billion prime mortgage loan portfolio and $36.6 billion of loans serviced for third-party investors (both as of March 31, 2012).
· HSBC yanks massive PHH #mortgage servicing portfolio It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its #mortgage portfolio.
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That’s one big reason Raman Muralidharan, HSBC’s head of mortgage in the U.S., thinks it’s a good time to jump back into the mortgage business. "People are waiting to buy homes when it’s the right time in their overall lives to buy homes, and there are a lot more people moving into that time in their lives," he said.
The PHH case is back at the CFPB, and the real estate industry is keeping close tabs on it-waiting to see whether the CFPB’s new leadership reups the enforcement action or lets the mortgage servicing.
The New York-based banking giant said it is exiting the servicing industry by 2018, a move that comes amid a pullback by many of its peers since the financial crisis. While Citi could have gained a.
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